Marriott’s Profit Rises 12% on Travel Rebound
From Associated Press
Marriott International Inc. said that a continued rebound in the travel industry drove up fourth-quarter earnings by 12%, but the company’s 2005 outlook came up short of Wall Street expectations.
Bethesda, Md.-based Marriott earned $189 million, or 79 cents a share, up from $169 million, or 69 cents, in 2003.
The 2003 figure included a $36-million insurance payment for loss of a World Trade Center hotel. Fourth-quarter revenue rose to $3.1 billion from $2.9 billion a year earlier.
Its shares fell 76 cents to $65.74 on the NYSE, down from a recent 52-week high of $67.
